Tips for third-party administrators to lower healthcare costs for clients

June 24, 2021
Josie Rasberry

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As a third-party administrator, your clients look to you to help them:

- Keep costs low.

- Make their benefits stand out.

- Improve retention.

One way of meeting these goals is to keep your clients’ members’ or employees’ healthcare costs low. But how do you lower individuals’ healthcare costs? In this blog, we’ll cover three low-cost, high-value solutions that reduce healthcare costs for individuals. Which, ultimately leads to cost savings and higher retention for your clients.

Direct primary care.

DPC is different from your typical fee-for-service, insurance billing model. DPC operates like a subscription service and is often more affordable than traditional primary care. Just as you pay a monthly fee to watch your favorite shows on Hulu or Netflix, you can pay a subscription service to cover primary care services such as:

- Clinical or laboratory services.

- Consultative services.

- Care coordination.

- Comprehensive care management.

One of the best benefits of direct primary care is that since it’s a flat rate, you know exactly how much it costs to receive services. This makes it easier for your clients and their members or employees to budget for healthcare expenses. It also eliminates the stress that often comes with going to the doctor. In fact, it can even encourage individuals to receive care when they’re sick or in pain instead of avoiding the doctor for fear of expensive bills.

Shop-and-compare app for healthcare services.

Speaking of price transparency, that’s absolutely something you should be using to lower costs and improve benefits for your clients. Even though CMS passed the Hospital Price Transparency Rule in January, many hospitals still aren’t correctly displaying pricing information. In fact, many are being completely noncompliant. But the good news is that you can still use price transparency to your advantage via a shop-and-compare app for healthcare services. Such as the one we offer! This healthcare shopping app offers upfront prices for hundreds of services. Users can shop for doctors, imaging centers, labs, medications, and more. Choosing the most affordable healthcare provider ensures lower healthcare costs for your clients and their members or employees. It also adds personalized, digital capabilities to your clients’ offerings. And according to one study, health plans with digital capabilities outperform competitors in overall satisfaction by 5%. The same report also found that 57.5% of members, across all ages, believe it’s important for health plans to offer digital self-service features. This will meet your clients’ goals of improving retention and help them stand out among competitors.

Bill negotiation.

We’ve gone over two solutions that help lower healthcare costs before a medical event happens, but what about after? That’s where bill negotiation comes in. A third-party patient advocacy company will take expensive medical bills and use multiple avenues to reduce the final bill. Our own patient advocates have an average bill reduction amount of 44% and have negotiated over $384 million dollars in savings since 2007. These bill reductions will not only financially help individuals and your clients, but will also increase satisfaction ratings among your clients’ members or employees.

Final thoughts.

If your clients want to lower healthcare costs, the tips mentioned in this blog can meet that goal and more. Direct primary care, healthcare shopping apps, and bill negotiation all lower healthcare costs while improving retention, satisfaction, and growth. The best part is that these solutions are also cost-effective, resulting in a hard ROI that you can deliver. You meet your clients’ goals and improve your own business. Talk about a win-win!

Download The Patient Advocacy 2.0 White Paper

Discover what health plan members had to say about the value of patient advocacy in our survey.

Download The Sedera Case Study

Discover what health plan members had to say about the value of patient advocacy in our survey.

Download The Lowering Organizational Member Cost Guide

Discover what health plan members had to say about the value of patient advocacy in our survey.

Download the Complete Guide to Growing Your Health Plan Membership

Learn the best strategies and tips for growing your members while keeping costs low.

Download the Complete Guide to Retaining Health Plan Members.

Learn the best strategies and tips for retaining your members while keeping costs low.

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